LIVESTOCK HIGHLIGHTS: Top Stories of the Day
Smithfield Settles Lawsuits Over Noise, Smell of Hog Farms in North Carolina
Chinese-owned pork producer Smithfield Foods Inc. settled a
series of lawsuits with dozens of residents in rural North Carolina
over the nuisance caused by living near hog farms run by company
contractors. The settlement brings an end to more than two years of
litigation over the noise and odors produced by traditional methods
of hog farming, which include storing waste in open lagoons.
STORIES OF INTEREST
JBS USA Says It Will Cover All Worker Covid-19 Costs -- Market Talk
10:40 ET - Beef and pork processor JBS USA says it will now
cover 100% of employees' healthcare costs associated with diagnosis
and treatment of Covid-19 for workers enrolled in its health plan.
The move is retroactive to March 1 and also covers family members
enrolled in the health plan as dependents, JBS says. The company
has been shoring up defenses against the pandemic after infections
spread widely through meatpacking plants in the springtime,
sickening thousands of workers, killing dozens and leading to some
shortages in supermarkets. (email@example.com; @jacobbunge)
Danish Economic and Political Damage Mounting From Mink Cull -- Market Talk
1348 GMT - The economic damage to Denmark from the outbreak of
Covid-19 in the country's mink farms is racking up, says Capital
Economics. The government belatedly got the legal backing to cull
the mink population this week, and farmers had until midnight on
Thursday to comply. "The direct economic impact from the shutdown
of the mink industry...is likely to subtract at least 0.7%-points
from Danish GDP in 4Q." The political wrangling in Denmark has also
shifted up a gear this week as the government didn't have the legal
basis to order the cull of heathy animals. "The agriculture
minister stepped down on Wednesday, but the opposition has accused
Prime Minister Frederiksen of weaselling out of her
responsibilities and have pelted her with calls to resign
Hogs Finish 3.7% Higher -- Market Talk
15:56 ET - After dropping 4.3% Thursday, lean hog futures on the
CME turn around Friday, finishing 3.7% higher at 65.35 cents per
pound. The uptick in hog futures puts trading for the week
marginally higher from where they started the week, and only
slightly down from where they started the month from. Meanwhile,
live cattle futures on the CME finish up 0.1% at $1.1065 per pound,
with cattle futures down 1.2% for the week and marginally up from
where they started the month. (firstname.lastname@example.org;
Estimated U.S. Pork Packer Margin Index - Nov 20
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Nov 20 +$ 34.29 +$ 38.25
Nov 19 +$ 35.60 +$ 40.57
Nov 18 +$ 32.83 +$ 36.87
* Based on Iowa State University's latest estimated cost of production.
A positive number indicates a processing margin above the cost of production of the animals.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 101.5
(Percent of Year-Ago) Select 100.5
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Friday rose 65 cents per
hundred pounds, to $238.35, according to the USDA. Select-grade
prices rose $1.09 per hundred pounds, to $214.98. The total load
count was 105. Wholesale pork prices fell $1.08, to $76.86 a
hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
November 20, 2020 17:31 ET (22:31 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.